(Source: Shutterstock.com)
Funds managed by private equity firm Northleaf Capital Partners are divesting a majority interest in solar farm NCP Solar Mula in Murcia, Spain, the global private markets investment firm said on Dec. 31.
Minority investment partner Qualitas Energy participated in the sale to China Three Gorges (Spain) SLU, an indirect subsidiary of clean energy company China Three Gorges Corp.
Northleaf acquired a controlling interest in the Mula solar farm in 2018. Upon completion of the firm’s value creation plan for construction and optimization of the photovoltaic plant, Northleaf launched a structured sale process in 2023.
Mula holds a long-term pay-as-produced power purchase agreement with an investment-grade counterparty, Northleaf said.
The transaction is expected to close in early 2025. Financial terms were not disclosed.
Northleaf’s financial adviser was Société Générale. Watson Farley & Williams provided legal counsel; EY, accounting and taxes advice; and DNV, technical advice.
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